said Tuesday that it anticipates reporting a net loss of between $214 and $228 million in the first half of the year, after cinemas were shut for almost that entire time due to COVID-19.“All the more than 600 cinemas of Wanda Film in China have been closed since Jan. 23, and the ones overseas also suspended business after the end of March,” the Shenzhen-listed firm said in a stock exchange filing.
perating income dropped by a big margin compared with the same period last year” due to fixed costs such as salaries and rent, noting also thatWanda Film runs more than 600 cinemas across 230 Chinese cities — 73 of them built just last year — as well as 53 cinemas overseas, primarily in Australia and New Zealand.
Cinemas in China have been closed since late January as a measure to stem the spread of the virus. Re-openings are rumored to start at the end of this month, with the Shanghai International Film Festival even preparing to take place in-person at the end up the month, but no official notices to that end have emerged yet.
Wanda Film’s blockbuster “Detective Chinatown 3” was supposed to hit theaters just as cinemas closed over the Chinese New Year. Its release was indefinitely postponed. The China Film Administration predicted in April that these coronavirus-induced shutdowns will mean Chinese box office losses of more than $4 billion this year.announced plans to build 162 more multiplexesDespite the news of its expected losses, Wanda Film’s stock has been rising throughout July on the back of investor anticipation of cinemas reopening in China. It rose 7.94% on Tuesday to close at a price of $2.97 per share.
Good
Hope they do bad and stop make movies
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